Question # 1

Which one of the following pairs represent complementary demand for a product.

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Tea & coffe

Butter & Margarine

Shirt & shoes

Shirt & trouser

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

Economics of scale are of two kinds

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temporary and permanent

internal and external

managerial and industrial

natural and artificial

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

How many kinds of market?

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4

5

6

7

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

This is an assumption of law of demand

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price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

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Equal to unity

Less than unity

Greater than unity

Equal to zero

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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Product B will go up

Product will fall

Both the above will take place

Nothing will take place

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

One or more persons living together and having a common budget is called

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union

organisation

household

house members

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

Which of the following is the subject matter of Economics.

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Optimum use of limited resources for the satisfaction of unlimited human wants.

Economic problems of the developing countries.

Labour problems.

Balance of payment problems.

One of the following is not a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

If a firm increases the ratio of capital to labour, it becomes more

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labour intensive

capital intensive

output intensive

input intensive

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